2021 New York Laws
PML - Racing, Pari-Mutuel Wagering and Breeding Law
Article 5 - Regional Off-Track Betting Corporations
509-A - Capital Acquisition Fund.

* § 509-a. Capital acquisition fund. 1. The corporation may create and
establish  a  capital  acquisition fund for the purpose of financing the
acquisition,  construction  or  equipping  of  offices,  facilities   or
premises of the corporation. Such capital acquisition fund shall consist
of  (i) the amounts specified pursuant to subdivision three-a of section
five hundred thirty-two of this chapter; and (ii) contributions from the
corporation's pari-mutuel  wagering  pools,  subject  to  the  following
limitations:
  a. no contribution shall exceed the amount of one percent of the total
pari-mutuel  wagering pools for the quarter in which the contribution is
made;
  b. no contribution shall reduce the amount of quarterly net  revenues,
exclusive of surcharge revenues, to an amount less than fifty percent of
such net revenues; and
  c.  the balance of the fund shall not exceed the lesser of one percent
of total pari-mutuel wagering pools for the previous  twelve  months  or
the  undepreciated  value  of  the corporation's offices, facilities and
premises.
  2. Notwithstanding any other provision of law  or  regulation  to  the
contrary,  twenty-three  percent  of  the  funds,  not to exceed two and
one-half  million   dollars,   in   the   Catskill   off-track   betting
corporation's  capital  acquisition fund and twenty-three percent of the
funds, not to exceed four hundred forty thousand dollars, in the Capital
off-track betting corporation's  capital  acquisition  fund  established
pursuant  to  this  section  shall  also  be available to such off-track
betting corporation for the purposes of statutory obligations,  payroll,
and expenditures necessary to accept authorized wagers.
  3.   The  Catskill  off-track  betting  corporation  and  the  Capital
off-track betting corporation shall  make  a  report  to  the  governor,
speaker  of  the  assembly,  temporary  president  of the senate and the
commission detailing the actual use of the funds made available  in  the
capital  acquisition fund. Such report shall include, but not be limited
to, any impact on employment  levels  since  utilizing  the  funds,  the
status  of  any  statutory obligations, an accounting of the use of such
funds, and any other information as deemed necessary by the  commission.
Such  report  shall  be  due  no  later  than the first day of April two
thousand twenty-two.
  * NB Effective until April 19, 2022
  * § 509-a. Capital acquisition fund. The corporation  may  create  and
establish  a  capital  acquisition fund for the purpose of financing the
acquisition,  construction  or  equipping  of  offices,  facilities   or
premises of the corporation. Such capital acquisition fund shall consist
of  (i) the amounts specified pursuant to subdivision three-a of section
five hundred thirty-two of this chapter; and (ii) contributions from the
corporation's pari-mutuel  wagering  pools,  subject  to  the  following
limitations:
  (1)  no  contribution  shall  exceed  the amount of one percent of the
total  pari-mutuel  wagering  pools  for  the  quarter  in   which   the
contribution is made;
  (2) no contribution shall reduce the amount of quarterly net revenues,
exclusive of surcharge revenues, to an amount less than fifty percent of
such net revenues; and
  (3) the balance of the fund shall not exceed the lesser of one percent
of  total  pari-mutuel  wagering pools for the previous twelve months or
the undepreciated value of the  corporation's  offices,  facilities  and
premises.
  * NB Effective April 19, 2022